Business growth affirms healthy economy

The Ohio Secretary of State recently announced that Ohio hit a record high for new business growth in 2017 with more than 117,000 new filings.

The eighth consecutive year the state has experienced a record number of filings, new businesses have grown more than 46 percent since 2010. This continued progress is a sure sign of economic health — when individuals are thriving and feel comfortable, they are able to invest in establishing their own business.

The economy in Ohio and across the United States has certainly rebounded since the economic recession a decade ago, but many reforms championed by the Ohio House in recent years have made a significant difference.

Small businesses and the success of our families and communities are the backbone of our state, and supportive legislation goes a long way to improve quality of life across the board.

The budget bills we have passed during the last two general assemblies have made great steps to encourage the development of our small business sector, ensuring companies have an environment in which they can prosper into the future.

House Bill 64 of the 131st General Assembly eliminated taxes on the first $250,000 of business income, keeping more money in the hands of our business owners and allowing them to reinvest in their facility and employees.

House Bill 49, which we passed last summer, built upon this principle by ensuring certainty and stability was maintained in Ohio’s tax structure by not raising taxes. This predictability helps the business community continue along the same path of progress and success.

Both of these budget bills upheld conservative values, working to attract entrepreneurs to our state and allowing people to keep more of their hard-earned money.

Another priority piece of legislation that we passed in 2015 was House Bill 3, which reduced the filing fee for new small businesses. The fee was reduced 21 percent from $125 to $99, making it easier and cheaper for businesses to get off the ground in Ohio.

This reform has clearly made a positive impact, as can be seen by the recent announcement.

Business-friendly initiatives like these make a true, tangible difference in the business community and the lives of Ohioans. With a healthy economic environment, agencies like the Bureau of Workers’ Compensation were able to return more than $1 billion back to public and private employers and Ohioans have created more than 484,000 new private sector jobs since 2011.

Clearly, Ohio is open for business and so many legislative initiatives have helped make that possible.